News Corp continues share buyback, updates ASX

News Corporation (NASDAQ:NWSA) (NASDAQ:NWS), a global diversified media and information services company with a market capitalization of $16.8 billion, has announced the continuation of its stock repurchase program. The program, which authorizes the repurchase of up to $1 billion of the company’s Class A and Class B common stock, was detailed in a filing with the Securities and Exchange Commission (SEC) today. According to InvestingPro data, the company maintains a healthy balance sheet with a current ratio of 1.68 and manageable debt-to-equity of 0.35.

The company, incorporated in Delaware and headquartered in New York, has communicated that it will routinely provide updates to the Australian Securities Exchange (ASX) regarding the repurchase transactions. These updates are also included in the company’s quarterly and annual reports. With annual revenue of $10.27 billion and free cash flow of $701 million, News Corp demonstrates strong financial performance. InvestingPro analysis indicates the company’s overall financial health score is "Good," supported by robust operational metrics.

In the filing, News Corp emphasized that the repurchase plans are subject to market conditions, applicable laws, and other investment considerations. The company’s management highlighted that actual results of the repurchase program could differ materially from the current expectations due to various factors, including market price fluctuations and general market conditions.

The SEC filing also included forward-looking statements regarding the company’s intentions to repurchase shares over time. However, News Corp clarified that these statements are based on current expectations and are inherently subject to uncertainties and changes in circumstances. The company disclaimed any obligation to update these statements, except as required by law.

The information provided to the ASX, attached as Exhibits 99.1 and 99.2 to the SEC filing, contains details of the transactions on the dates noted therein. The data included in these exhibits reflect the company’s compliance with the disclosure requirements of the ASX.

The continuation of News Corp’s stock repurchase program is part of the company’s capital allocation strategy, aiming to deliver value to shareholders. With analyst price targets ranging from $26.50 to $45.00 per share, market experts maintain a positive outlook on the stock. News Corp’s Class A and Class B common stocks are listed on The Nasdaq Global Select Market under the symbols NWSA and NWS, respectively. For detailed financial analysis and exclusive insights, including comprehensive valuation models and expert projections, explore News Corp’s full research report on InvestingPro.

This report is based on a press release statement and does not include any speculative content regarding the potential impact of the repurchase program on the company’s stock price or market position.

In other recent news, News Corp has announced the continuation of its stock repurchase program, authorizing the buyback of up to $1 billion of its Class A and Class B common stock. This initiative is part of the company’s broader capital allocation strategy to enhance shareholder value. The company is required to report daily transactions to the Australian Securities Exchange (ASX), as detailed in their recent SEC filings. News Corp’s filings include forward-looking statements about the buyback intentions, although these are subject to change due to market conditions and regulatory requirements. The company has committed to providing updates on the repurchase program in its quarterly and annual reports. This ongoing effort reflects News Corp’s confidence in its financial strength and long-term business prospects. Investors and stakeholders are encouraged to review the company’s SEC filings for more detailed information regarding the repurchase program and other financial activities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.